JPMorgan and Goldman in trading warning

JPMorgan Chase

JPMorgan Chase’s trading revenue is on pace to drop about 20 percent in the third quarter from a year earlier, Chief Executive Officer Jamie Dimon said.

Bloomberg News reports that last year’s third quarter was “particularly good,” Dimon said Tuesday at an investor conference hosted by Barclays in New York.

Back then, the firm posted $5.7 billion of markets revenue, a 33 percent increase driven by fixed-income desks. The projected decline would be JPMorgan’s worst for the July-through-September period since 2011, and is bigger than the 15 percent drop Citigroup Inc. and Bank of America Corp. have forecast.

Goldman Sachs co-President Harvey Schwartz didn’t put a number on his firm’s third-quarter trading performance. “It’s a pretty challenging environment for us” in fixed income and the period “felt a lot like the first and second quarter,” he said.

Hit the link below to access the complete Bloomberg News article:

Dimon Says JPMorgan Trading Revenue on Pace for 20% Decline

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